The United States has overtaken Saudi Arabia to become the world's biggest oil producer. The change has been made possible due to the jump in output from shale gas finds in US. According to the latest report by the leading US energy consultancy PIRA, US output, which includes natural gas liquids and biofuels, has gone up to 3.2 million barrels per day since 2009. This is the fastest expansion in production over a four-year period since a surge in Saudi Arabia's output from 1970-1974. The report said that despite still being the largest consumer of fuel, the rise of cheap crude available to domestic refiners has turned the United States into a significant exporter of gasoline and distillate fuels. PIRA Energy Group wrote that the increase in oil from shale, in areas such as Eagle Ford in Texas and the Bakken in North Dakota, has seen US supply grow by 1 million barrels per day in 2012 and again 2013. The United States still lagged both Saudi Arabia and Russia in production of just crude oil by about 3 million barrels per day. They are followed by China, Canada, UAE, Iran, Iraq, Kuwait, and Mexico.
News On AIR | October 16, 2013 6:52 PM
US overtakes Saudi Arabia, becomes world's biggest oil producer